Updated Duplex with Two
New
For Sale
$379,900
247-249 Freedom Ln, Delaware, OH 43015
Occupied two-unit property with refreshed exterior features and flexible owner-occupant or rental use.
Property Size2,520 SF
Price / SF$150.75
Days on Market3
Property Features for 247-249 Freedom Ln
General Information
Standard status
Active
Size
2,520 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Parking per Unit
1
Building Details
Year Built
1992
Listing Agency:
Tonya Fisher, Key Realty
Listed By:
Rhiannon Ferrari · License #2009003178
(614) 226-1039
Source:
Ferrarihomegroup
Added: Sep 19
Changed: Sep 20
Last Checked: Sep 20 at 8:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Tonya Fisher, Key Realty
Investment Insights
Based on property information with market context.
This Delaware duplex contains 2,520 square feet across two 3-bedroom, 1.5-bath units, each with a one-car garage. Built in 1992, the property has received new siding, a new roof, and updates to some windows. Both units are occupied. The left side includes a renovated kitchen with white cabinetry and newer appliances, refreshed bathrooms, and LVP flooring. Its hot water tank was replaced in 2023. The right unit offers a fenced yard area and has long-term tenants.
Located at 247-249 Freedom Ln, the property provides access to local shopping, dining, parks, schools, and everyday services in Delaware. The two-unit layout supports continued rental use or an owner-occupant arrangement with a separate occupied unit.
Located at 247-249 Freedom Ln, the property provides access to local shopping, dining, parks, schools, and everyday services in Delaware. The two-unit layout supports continued rental use or an owner-occupant arrangement with a separate occupied unit.
Key Highlights
- 2,520‑square‑foot duplex with two 3‑bedroom, 1.5‑bath units
- Each unit includes a one‑car garage
- New siding and roof, plus updates to some windows
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,913
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$438,260
$438.3K
Cap Rate 7%
$313,043
$313.0K
Cap Rate 9%
$243,478
$243.5K
Market Conditions
NOI Build-Up for 2,520 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.0K $14.28/SF
− Vacancy
−$4.7K −$1.86/SF
EGI
$31.3K $12.42/SF
− OpEx
−$9.4K −$3.73/SF
NOI
$21.9K $8.70/SF
Area
Delaware County, OH
Vacancy
13.01%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$438,260
Cap Rate 7%
$313,043
Cap Rate 9%
$243,478
Alternative Uses
Best Use
Multifamily LT 5
$313.0K
$273.9K – $365.2K
NOI $21,913 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$287.1K
$251.2K – $334.9K
NOI $20,095 @ 7.0% cap · market cap 5.29%
Theoretical Best
Warehouse
$507.9K
$444.4K – $592.6K
NOI $35,554 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
167
Businesses Nearby
Explore this area
Business Placement
Demographics for 43015, OH
57,563
Population
23,287
Households
2.5
Avg Household Size
38
Median Age
47%
College-Educated
96%
High-School Grad
127.9 sq mi
ZIP Area
450
Density / Sq Mi
$99,622
Median Household Income
$50,799
Median Earnings
$1,207
Median Rent
$311,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Occupied two-unit property with refreshed exterior features and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 247-249 Freedom Ln Delaware, OH.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: 2,520‑square‑foot duplex with two 3‑bedroom, 1.5‑bath units; Each unit includes a one‑car garage; New siding and roof, plus updates to some windows
